Citibank Inaugurates Foreign Currency Service in China

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 ◆ Citibank Inaugurates Foreign Currency Service in China

Citibank's Shanghai Branch, the first foreign bank permitted to offer all-around foreign currency services in China to Chinese citizens and businesses, began to do so recently,

Sanford I. Weill, board chairman and CEO of Citigroup Inc., was in Shanghai recently and personally opened a foreign currency account for the first Chinese individual client, the founder and CEO of a famous Chinese Internet company.

On the same day, Citibank's Shanghai Branch inaugurated a sub-branch in Shanghai. It plans to open another in the city in April.

Over the next few months, Citibank's branches in Beijing, Guangzhou and Shenzhen will also begin to offer all-around foreign-currency services to Chinese citizens and businesses.